AKINWALE ABOLUWADE
The naira ended the past week on a weaker note, depreciating by 0.14 per cent week-on-week to close at ₦1,532.34/$ at the Nigerian Foreign Exchange Market (NFEM), despite sustained intervention by the Central Bank of Nigeria (CBN).
Although the local currency opened the week on a strong footing—rising to a four-month high of ₦1,518.88/$ on the first trading day—it quickly lost momentum. It slipped to ₦1,530.25/$ midweek, further declined to ₦1,533.11/$, before settling at ₦1,532.34/$ by the close of trading on Friday.
During the week, the naira traded as high as ₦1,538/$ and as low as ₦1,515/$ at the official market. In the parallel market, it traded within the range of ₦1,535/$ and ₦1,544/$.
Analysts noted that CBN interventions and improved foreign exchange liquidity were instrumental in cushioning the currency’s volatility.
Cowry Asset Management Limited, in its weekly market update, said that the naira recorded mixed performance—appreciating marginally by 0.06 per cent week-on-week to close at ₦1,544/$ in the parallel market, while weakening at the official window.
It added that the naira could strengthen further on the back of improved oil output and elevated prices, which are expected to boost dollar inflows and support reserve growth.
Data from the Nigerian Upstream Petroleum Regulatory Commission showed that daily crude oil production (excluding condensates) increased by 3.6 per cent to 1.51 million barrels per day in June 2025—up from 1.45 mbpd in May.
This is the first time in five months Nigeria has met its OPEC production quota, reflecting improved operational efficiency and security in oil-producing regions.
AIICO Capital Limited confirmed that the CBN sold dollars early and late in the week to help stabilise the currency.
Analysts expect the naira to hold within its current range amid improved liquidity, while the market anticipates the outcome of the Monetary Policy Committee (MPC) meeting, which begins today (Monday).
